CURRENT AFFAIRS
CURRENT AFFAIRS
Description
On Earth Day, the National Bank for Agriculture and Rural Development (NABARD) launched its Climate Strategy 2030 document, which aims to meet India's growing demand for green funding. The strategy seeks to mobilize resources for climate change mitigation, adaptation, and resilience projects throughout the country.
India's Green Finance Gap
India requires around $170 billion per year to accomplish a total of more than $2.5 trillion in green financing by 2030.
As of 2019-20, India received just around $49 billion in green financing, with the majority of funds going toward mitigation.
Only $5 billion was invested to adaptation and resilience, indicating low private sector engagement due to bankability and economic viability issues.
About NABARD's Climate Strategy 2030
The plan is based on four fundamental pillars-
Accelerating green lending across industries
Playing a greater market-making function.
NABARD's internal green transformation involves strategic resource mobilization.
The project strengthens NABARD's commitment to environmental stewardship and positions it as a key actor in India's transformation to a more resilient and sustainable economy.
Real Estate Developers' Sustainable Practices
Leading real estate developers have agreed to promote sustainable development techniques.
DLF, the only Indian real estate company to appear in the Dow Jones Sustainability Index for the past three years, has introduced measures such as zero-discharge water systems and sewage treatment plants, recycling millions of liters of water each day.
The majority of Signature Global (India) Ltd.'s projects are either EDGE certified or IGBC gold-rated, which saves approximately 52% of water usage through low-flow water faucets, toilets, rainwater harvesting systems, and wastewater treatment and reuse facilities.
Remsons Industries' ESG Excellence
Remsons Industries Ltd., an auto auxiliary manufacturer, got a Gold Medal in the Ecovadis Sustainability Assessment, placing it among the top 5% of all evaluated firms worldwide for its commitment to environmental, social, and governance (ESG) excellence.
The organization demonstrated outstanding performance in critical areas such as the environment, labor and human rights, ethics, and sustainable procurement.
About India's Efforts To Sustain The Environment
India is the world's third-largest emitter of greenhouse gases, following China and the United States.
The country has set an ambitious goal of reaching 175 GW of renewable energy capacity by 2022 and 450 GW by 2030.
India's Nationally Determined Contribution (NDC) under the Paris Agreement entails reducing the emissions intensity of its GDP by 33-35% by 2030 compared to 2005 levels.
The Indian government has established a number of programs to promote green financing, including the Partial Credit Guarantee Scheme for NBFCs, the Green Climate Fund, and the National Adaptation Fund for Climate Change.
This is an important step toward mobilizing green financing in India and meeting the country's climate change obligations.
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